Pine Labs: Pine Labs, an Asia-based digital payments provider with investments from Sequoia India and Mastercard Inc., is preparing for a listing in the US and is expected to fetch around $500 million. According to a report in Livemint, this has come to the fore by quoting people with knowledge of the developments.
$7 billion valuation expected
He said the company secretly filed documents with the US Securities and Exchange Commission for an initial public offering (IPO) in New York as early as the first half of this year. He said that with the listing, the valuation of the company can be revealed at $ 5.5-7 billion.
Goldman Sachs Group Inc and Morgan Stanley are the lead banks for the deal, he said. Discussions are on and the issue size and timing details are subject to change. When contacted, a representative of Singapore-based Pine Labs did not comment, while Goldman Sachs and Morgan Stanley declined to comment.
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Company is in profit for many years
According to an August report by Bloomberg News, Pine Labs is considering an IPO in 2022. According to a statement, Chief Executive Officer Amrish Rao had raised $600 million from investors including Fidelity Management and Research Company and BlackRock Inc. The company said it is targeting a public offering within 18 months and has been in profit for several years.
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Rao had said at that time that the valuation of the company at that time was assumed to be $3 billion. Following this deal, in September 2021, the company raised $100 million from US-based investment management company Invesco. The investment was made through Invesco Developing Markets Fund.
Gained the trust of many investors
The company, which provides merchants payment PoS and Buy Now Pay Later (BNPL) solutions, is backed by a number of global investors including Sequoia Capital, Temasek Holdings, Actis, PayPal and MasterCard. In the same month, India’s largest commercial bank State Bank of India invested $ 20 million in the startup.
Mainly operating in India
Pine Labs serves over 150,000 merchants across India, the Middle East and Southeast Asia. The company entered the consumer payments space in April 2021, both organically and through the acquisition of consumer fintech platform Fave. The digital payment gateway and commerce platform primarily operating in India supports payments for enterprise customers including Apple Inc., McDonald’s Corp. and Starbucks Corp.
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